EUR/USD is trending down
As all investors anticipate for the upcoming Non Farm Payroll on Friday, the Dollar gains its strength on the 2nd day of 2024. Trading at 102.10, the US Dollar experienced a significant increase, indicating a noteworthy uptrend in the index. This upward shift can be attributed to market anticipation for guidance and investors turning to the USD as a safe haven in anticipation of key labor market reports scheduled for release later this week.
The economic calendar will be packed with news releases starting on Wednesday, at 23:00 (GMT +8), we have the U.S. ISM Manufacturing PMI (Dec) and U.S. JOLTS Job Openings (SA) (Nov). Besides that, there will be a short FOMC Meeting coming up, it is something to look forward to as the Fed has been mentioning that rate cuts is around the corner, we could hear some dovish or hawkish comments coming up that would determine the Dollar direction for this week.
EUR/USD was trending up aggressively until it got rejected by a strong resistance level at price 1.11392. It has also broken out of the short term uptrend support zone which indicates EUR/USD could be in a short term downtrend which is why I am interested in looking for shorts for short term. Besides that, one of the reason I am looking for shorts is we have a huge imbalance to be filled . The imbalance will be my take profit target for the shorts.
The economic calendar will be packed with news releases starting on Wednesday, at 23:00 (GMT +8), we have the U.S. ISM Manufacturing PMI (Dec) and U.S. JOLTS Job Openings (SA) (Nov). Besides that, there will be a short FOMC Meeting coming up, it is something to look forward to as the Fed has been mentioning that rate cuts is around the corner, we could hear some dovish or hawkish comments coming up that would determine the Dollar direction for this week.
EUR/USD was trending up aggressively until it got rejected by a strong resistance level at price 1.11392. It has also broken out of the short term uptrend support zone which indicates EUR/USD could be in a short term downtrend which is why I am interested in looking for shorts for short term. Besides that, one of the reason I am looking for shorts is we have a huge imbalance to be filled . The imbalance will be my take profit target for the shorts.
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